$MSTR Time to guess what Strategy has done over the past week. A week where $MSTR has significantly underperformed Bitcoin. Do we see five consecutive weeks of BTC purchases? I remain skeptical that we’ve bought Bitcoin. The FUD surrounding Strategy’s potential removal from the MSCI indices appears to have been the primary driver of yesterday’s sell-off. Over the past week: $MSTR: -10.93% $IBIT: -1.14% $STRC: -1.99% On the digital credit side, $STRC came within just $0.06 of par, its highest level since May. Unfortunately, its 14 day streak of trading within its target range came to an end yesterday as the instrument sold off alongside MSTR. We saw relatively strong support on the ex-dividend date, with $STRC declining just $0.21. But I believe aggressive buybacks played a significant role in that resilience, and I suspect they’ve continued. Only $354.8 million remains under the $2 billion digital credit securities repurchase program. I think there’s a good chance we see an expansion announced next week. My guess for the week: • $170–200 million in $STRC buybacks • ~$44 million paid out in $STRC dividends • No Bitcoin purchases • Possible expansion of the repurchase program It’ll also be interesting to see whether management uses the existing cash reserves to fund the buybacks and dividend obligations, or taps the common as well. $MSTR currently sits at an mNAV of 1.08. We currently have: > $4.8 billion in USD reserves > $640 Million in USD cash Despite the weakness we’ve seen, I believe both $MSTR and $STRC will recover strongly over the coming weeks. Busy days ahead. Mission: Strategy. bitcoin:native $MSTR $STRC

$MSTR The Bitcoin accumulation for Q4 continues, just like the selling pressure on $STRC. Strategy announces its largest $STRC buyback to date at $192.4 million. Strategy’s representation of $STRC trading volume was going to be the bigger headline for me, as I was hoping to see an improvement in those numbers. Unfortunately, it turned out to be disappointing. Over the past two weeks, Strategy’s share of total trading volume had declined from the 23–25% range to around 18–19%, alongside some positive price action on Friday. This past week, however, Strategy represented an estimated ~29.6% of total trading volume, repurchasing $192.4 million of $STRC. Both figures marked new highs: our largest buyback of the instrument to date and our highest representation of weekly trading volume. The selling pressure simply hasn’t come down yet. The move to daily dividends can’t come fast enough. I had predicted we might not see Bitcoin buys, and even if we did, I expected a relatively small amount. We added 250 BTC, funded through a clean $21 million raised via $MSTR. USD cash appears to be the preferred funding channel, with $193 million tapped. As of this morning: ●USD cash: $640 million ●USD reserve: $4.8 billion As discussed earlier, we’re down to $354.8 million remaining under the $2 billion Digital Credit Securities Repurchase Program. I believe an expansion could be announced within the next two weeks. All eyes remain on $STRC this week. Mission: Strategy. $BTC $MSTR $STRC